Monday, 19 October 2009

Max Keiser - Face Off - "Is the Crisis Over?" [Not Really!]





Max's opponent in the second part tries to push the idea that the housing market has bottomed. How can he say that when you can read stories like this ?

[Posted at the SpookyWeather blog, October 19th, 2009.]

1 comment:

steven andresen said...

spook,

I tend to agree with Max that things are worse than the government spokespeople and his on-air opponent let on.

Max points to the claim that home foreclosures are still occuring at a large rate. I take this to be a very good indicator of the economy's weakness.

I also take the labels on department store merchandise. The fact that most all of it is made in china, or some other slave state, tells me that there are no production plants here that could hire the unemployed, that could be the basis of home ownership.

As I remember this, the Nafta debate was all about sending these production companies to low wage countries, whether in Latin America, or China, or some slave plantation in other parts of the world.

We have not addressed the fact that the laws still encourage that kind of job loss.

The stae of Oregon pushes education. Getting a good education will get you a good job, we're told. Max could also point out how crazy this is as the engineering jobs that used to exist in technology production now exist in India, and other low cost countries. So, an $80,000 a year engineer here can be fired and 16 just as good engineers can be hired by the same company in India for $5,000 a year.

It's issues like this which make me skeptical about anyone talking about "green shoots" or see the bottom of a housing crisis.